California Pension Fund Trims Stake in Southern Company

The state's largest public pension fund reduces its holdings in the utility giant by nearly 18%

Mar. 15, 2026 at 9:42am

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The California Public Employees Retirement System (CalPERS), the largest public pension fund in the United States, has reduced its stake in Southern Company (NYSE: SO) by 17.9% in the third quarter of 2025. CalPERS now owns 3,447,036 shares of the utility provider, down from 4,197,343 shares previously.

Why it matters

As one of the most influential institutional investors, CalPERS' portfolio moves are closely watched by the market. The reduction in its Southern Company holdings could signal a shift in the pension fund's outlook on the utility sector or the company's prospects.

The details

According to a 13F filing with the Securities and Exchange Commission, CalPERS sold 750,307 shares of Southern Company during the third quarter. The pension fund now owns approximately 0.31% of the utility provider's outstanding shares, down from 0.38% previously.

  • CalPERS filed its 13F report for the third quarter of 2025 on March 15, 2026.

The players

California Public Employees Retirement System (CalPERS)

The largest public pension fund in the United States, with over $450 billion in assets under management as of 2025.

Southern Company (NYSE: SO)

A major electric and gas utility company serving customers across the southeastern United States, with a market capitalization of over $100 billion.

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The takeaway

CalPERS' reduction in its Southern Company holdings reflects the pension fund's ongoing evaluation of its investments and the broader utility sector. Investors will likely closely monitor any further changes in CalPERS' position, as the fund's decisions can influence market sentiment and the performance of the companies it invests in.